FHA loans are mortgages guaranteed by the Federal Housing Administration (FHA). The FHA doesn’t actually provide the loans, private lenders do. As a government insured loan program, it enables FHA-approved lenders to take more risk with qualifying people for a loan. This provides the opportunity for more Americans to own their own home.

Who are FHA loans for?

Home Purchase

FHA loans make buying a house more affordable with competitive interest rates, low down payment requirements, and flexible credit requirements. Tailored to borrowers with lower credit scores, an FHA mortgage makes it possible to buy a home with only 3.5% down. This is a great option for borrowers who may not qualify for a conventional home loan.

These loans are a great fit for first-time homebuyers, but you may also qualify for this type of mortgage even if you’ve purchased a home before.

Mortgage Refinance

You can also refinance your home with an FHA loan. The most common FHA refinance options available are:

  • FHA Simple refinance is used when you want to reduce your interest rate and/or loan term length.
  • FHA Cash-out refinance allows you to take out a loan for more than your current one and receive cash back for home improvement projects, debt consolidation, etc.
  • FHA Streamline refinance: if you have an existing FHA mortgage, this program offers less paperwork and faster closing as a new FHA appraisal is not required.
Lower Rates
Lower Fees

30-Year FHA

98.875
5.125
6.269
Lender Fees:
Discount Points:
0.875%
Admin Fee:
$1,295
Credit Report:
$0
Processing:
$0
Underwriting:
$0
Doc Prep:
$0
Funding:
$0
Tax Service:
$0
99.5
5.500
6.613
Lender Fees:
Discount Points:
0.500%
Admin Fee:
$1,295
Credit Report:
$0
Processing:
$0
Underwriting:
$0
Doc Prep:
$0
Funding:
$0
Tax Service:
$0
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Rates as of:
7:55AM Pacific Time on February 2nd, 2023

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If you think our rates are good, you should see our fine print.*

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What are the benefits of FHA loans?

  • Low money down — as little as 3.5% down payment.
  • You don’t need a high credit score.
  • More flexible debt-to-income (DTI) ratio — a DTI of no more than 50% and steady employment history. Estimate your DTI by adding your monthly debt payments (such as credit card and car payments) and dividing the total by your monthly income before taxes.
  • The upfront mortgage insurance premium (UFMIP) can be financed into the loan. The amount is usually equal to 1.75% of your loan amount.
  • Closing costs can be added to your loan balance — which could be anywhere from 2% – 6% of the purchase price.
  • Existing mortgage refinance — simple, cash-out, and streamline loan refinance options.
  • FHA Loan amount is based on location.

*Additional lender fees:

$1395 UW/Admin ($0 for VA loans)

$675 typical appraisal fee (varies)

$0 origination, $0 credit report, $0 processing, $0 doc prep, $0 funding, $0 wire transfer, $0 flood certification.

Always scan the fine print for origination and/or other fees.  When getting verbal quotes from lenders who don’t post rates, request they email a screenshot of their pricing to be sure it matches their verbal quote.

Some mortgage companies quote different rates based on how you were referred to them.  Some of their rates also vary by loan officer and/or by branch.   Upwell rates are consistent regardless of source.

Points are costs usually collected at closing for obtaining a specific rate and may be paid by the borrower or the home seller or may be split between them. Numbers appearing in brackets are credits – example ($2000).

APR=Annual Percentage Rate: A rate that reflects the actual annual cost of a loan and includes the loan interest rate, private mortgage insurance, points and some fees.

The APR includes the approximate cost of prepaid finance charges, including 10 days of prepaid interest, points associated with the rate displayed, and some third-party fees. It does not include other closing costs. Actual APRs for individual loans may differ. All loan applications are subject to credit and property approval. Sample payments shown include only principal and interest. Your interest rate will depend on specific characteristics of your transaction and your credit profile up to the time of closing. Adjustable Rate Mortgage (ARM) interest rates and payments are subject to change during the loan term. That change can increase or decrease your monthly payment. If your down payment or equity is less than 20%, mortgage insurance will be required, which will increase the monthly payment. Assumes no other loans or liens on subject property. Property and/or flood hazard insurance may be required. Maximum loan limits may apply. Additional rates and programs are available.

Hazard insurance is required, and flood insurance may be required if the property is located in a flood zone. Payments do not include amounts for property taxes and insurance premiums. Actual payments may be higher.

This rate sheet is not a credit decision or a commitment to lend and your rate will depend on various factors including your type of loan, credit profile, property value, occupancy, loan size, etc. Rates and product availability may also vary based on the State or region in which your financed property is located. Offer is subject to normal credit qualifications. Rates are subject to change. Consult your tax advisor regarding the deductibility of interest. Some restrictions may apply.

Disclosures and Assumptions

30-Year FHA Loan:

98.875
Rate is fixed. The payment on a $420,000, 30-year fixed rate loan at 5.125% and 96.3% loan-to-value (LTV) is $2,622 with 0.875 points due at closing. Payment includes a one time upfront mortgage insurance premium (MIP) at 1.75% of the base loan amount and a monthly MIP calculated at 0.85% of the base loan amount. For mortgages with a loan-to-value (LTV) ratio of less than or equal to 90%, the monthly MIP will be paid for the first 11 years of the mortgage term, or the end of the mortgage term, whichever comes first. Thereafter, the monthly loan payment will consist of equal monthly principal and interest payments only until the end of the loan. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Some state and county maximum loan amount restrictions may apply. The Annual Percentage Rate (APR) is 6.269%.
99.5
Rate is fixed. The payment on a $420,000, 30-year fixed rate loan at 5.500% and 96.3% loan-to-value (LTV) is $2,722 with 0.5 points due at closing. Payment includes a one time upfront mortgage insurance premium (MIP) at 1.75% of the base loan amount and a monthly MIP calculated at 0.85% of the base loan amount. For mortgages with a loan-to-value (LTV) ratio of less than or equal to 90%, the monthly MIP will be paid for the first 11 years of the mortgage term, or the end of the mortgage term, whichever comes first. Thereafter, the monthly loan payment will consist of equal monthly principal and interest payments only until the end of the loan. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Some state and county maximum loan amount restrictions may apply. The Annual Percentage Rate (APR) is 6.613%.